$6.3bn hacked from Binance in ‘largest’ crypto attack

A massive cyberattack has struck Binance, the world's largest cryptocurrency exchange, resulting in an estimated loss of $6.3bn worth of funds. This attack, believed to be the most significant in the industry, was disclosed by the company on 30 October. Binance has frozen $3bn of the affected funds on the blockchain to prevent further losses.

No evidence of wallet private key leaks was found. Withdrawal services remain suspended during the investigation, while deposits continue to operate normally. Blockchain intelligence firm TRM Labs links the attack to a North Korean hacking group with high confidence. The hackers have transferred assets across several blockchains, including Bitcoin and Ethereum, holding about $2.4bn in assets currently inaccessible to the issuing entities.

Stablecoin issuer Tether and Circle have frozen over $1.5bn and $800m of their coins, respectively, linked to the incident. The attack is deemed the "largest crypto theft on record" by TRM. Cyberattacks are becoming increasingly common across various industries, with recent instances affecting government offices, Japanese public and private institutions, and supermarkets in France.